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CNN
Dec 30, 2012 6:00am PST
the fiscal cliff. i'm done with that until we get some news. >> i think that's a lot of name recognition, don't you? people also, rand paul, for example, very dynamic on television. people recognize him and his energy and his different ideas, so he stands out. but it also is a reflection of the fact that the republican party doesn't -- has an identity crisis. these are people who are moderates and iconic class and very far out on the edges. that doesn't speak to a party that really has a clear leader or a central ideology to speak to. >> and won't until it gets a nominee. the next time we'll know what the republican party is about, maybe, when they get a nominee, right? >> well, you can get the contours of a debate if people really don't have one. remember bill clinton campaigning in the late '80s and early 1990s building a consistent case for the democratic party that was in some ways in worst shape than republicans are now. >> that took two gigantic strokes of luck. one was that mario cuomo did not run for the nomination and ross perot did run for the presidency. we'll see
CNN
Dec 31, 2012 2:00am PST
way. 18 hours to go before america goes over the fiscal cliff. final day for democrats and republicans to get a deal done. if they don't, your taxes go up at the stroke of midnight. the two sides brought in their so-called closers on sunday. vice president joe biden and senate minority leader mitch mcconnell. working behind the scenes as they have successfully done in the past. the senate went home last night and they are going to get in this morning at the bright hour of 11:00 a.m. eastern. i don't understand how that works. we are not seeing any evidence of progress in either chamber, but as i said, mcconnell and biden are talking. that's important. these two guys have a long history together, and have an ability to cut a deal. one major stumbling block has been overcome. republicans have dropped their demand to reduce social security, cost of living increases. you will know that as the chain cpi. >> and the public has taken their demand for social security benefits off the table. the truth is they never should have been on the table to begin with. significant distance between the two sides, but negotiatio
CNN
Dec 31, 2012 11:00am PST
so consumed by the fiscal cliff that it appears little was done to extend the 2010 payroll tax cuts, put in place by president obama two years ago in order to boost the economy. so what does it mean to your wallet? here is how much less you'll bring home if it expires. paychecks shrink $50 a month for those earning $30,000 a year. it shrinks $83 a month for those earning $50,000 a year. and $167 a month for those earning $100,000 a year. now, let's switch to the fiscal cliff. and what that is going to cost you. without a deal, you'll be paying lots more in tachxes. say you're single and working hard, you don't have kids, you earn $80,000 a year. if it does not go into effect, you'll pay an additional $3,000 more than what you already pay in taxes. the middle class families will get hit harder, two kids, both parents work. together you earn $80,000 a year. guess what, if there is no deal, you would owe $6,000 more in taxes next year. with so many variables, the question is how is wall street reacting? the stock market dipped every day last week. question is, what is next? alison kosi
CNN
Jan 1, 2013 4:00am PST
. >> it's not bad. despite europe and despite the fiscal cliff, markets did okay. markets around the world are closed for new year's day which is why congress has itself today to get this done, otherwise you'd see some reaction. >> you can only be over the cliff when the markets are closed and have a little bit of breathing space. >> markets open about 12 hours from now. cnn's richard quest joins from us london. poor richard, you've had to deal with all of the stuff in europe for the last two years and then this. you have remarkable world experience as how the worlds investors who tend to be enforcers of politics sometimes will respond to this deal and i know you've been studying the deal all morning. >> i have, well as much as anybody can on the first day of a new year. if you look at what europe has been through in 2012, the european stability mechanism, the banking union debacle, the third bailout for greece, constantly with the fiscal comeback, you see similarities between what happened in europe and what now the united states has just been through and is going to go through in 2013. obviously the facts are different, but the substance remains the same and it is basically this, pu
CNN
Dec 31, 2012 4:00am PST
and counting until the fiscal cliff free fall. can they possibly get something done? sfx- "sounds of african drum and flute" look who's back. again? it's embarrassing it's embarrassing! we can see you carl. we can totally see you. come on you're better than this...all that prowling around. yeah, you're the king of the jungle. have you thought about going vegan carl? hahaha!! you know folks who save hundreds of dollars by switching to geico sure are happy. how happy are they jimmy? happier than antelope with night-vision goggles. nice! get happy. get geico. fifteen minutes could save you fifteen percent or more. [ dog barking ] ♪ [ female announcer ] life is full of little tests, but your basic paper towel can handle them. especially if that towel is bounty basic. the towel that's durable, and scrubbable. in this lab demo, bounty basic is stronger than the leading bargain brand. everyday life? bring it with bounty basic. the strong but affordable picker-upper... now costs even less. [ male announcer ] as the year counts down, your savings can add up with the adt new year's sale. hel
CNN
Dec 31, 2012 6:00pm PST
how they're getting this fiscal cliff deal done if it does in fact get done. and what i mean by that is this -- it was done in the senate, and then it just went over to the house where house republicans were not interested in voting on it, a one-year extension of this at all, but they were sort of forced to do it because of the way the senate acted. it's not unlike what we'll probably see if the senate votes tonight and the house votes tomorrow. republicans in the senate and house are not going to be happy about it, but it's going to be, as they say here, they're going to get stuck with this bill and they're not going to have any other choice but to bring it up and probably pass it. >> can we assume, dana, that the senators, maybe even the vice president, will emerge from the meeting that is under way right now and come to the microphones that are near you? >> i would love to say yes, but we're getting some signals from democratic leadership sources that harry reid will probably not come and talk to us. however, i have seen this movie before. we're told that he isn't going to talk an
CNN
Dec 29, 2012 2:00pm PST
plan b. to a vote. that would have avoided the fiscal cliff. but he wasn't able to bring that to a vote. that made investors lose confidence, and since then, nothing really concrete has happened with the fiscal cliff to convince investors that a deal can get done. so at this point, the market doesn't really want a band-aid or so-called framework deal. in fact, one trader told me that it would almost be better if we went over the cliff, because that would give the markets some certainty. they would at least know what to expect. that is, of course, instead of a band-aid measure, because the worry there is that it would just kick the can down the road. now, this is usually the time of year when we see what's known as a santa claus rally, when investors push up stocks an average of 1.5% in the last few days of the year. and that kind of rally has come to wall street over the past four years. the santa claus rally still has some time to make it, though, with the market wrapping up 2012 on monday with a full day of trading. now, the major averages are, though, on track to make some solid gains for the year. you look at 2012 heading into monday for the dow industrials, they're up 6%. the nasdaq is up more than 13%. and the s&p 500, that's up 1 1% for the
CNN
Dec 24, 2012 1:00am PST
cliff. >> nine days remain to get the deal done. house speaker boehner is in ohio. president obama in hawaii. >>> today we say aloha to an american hero, the late senator daniel inouye was remembered with full military honors in hawaii. the 88-year-old senator lost his arm in world war ii, he represented hawaii in washington for more than 50 years. president obama and the first lady attended today's service. the president has said inouye was his earliest political inspiration. >>> many gun shop owners say sales have been booming recently. some link that to concerns the president may impose new restrictions on firearms. thousands of north texans visited local gun shows and stores this weekend where the most powerful weapons are costing more than ever. a gun dealer told our affiliate wfaa that an assault-sometime weapon like an ar-15 a week ago ran around $900. this week anywhere from diagnosis 1,500 to $2,500. in just a few minutes my conversation with a gun shop owner, several former police officers and a school safety expert who says the current call for bringing guns into schools fo
CNN
Dec 31, 2012 1:00am PST
there are some really good ways to find out how the fiscal cliff would hit you at home. what we've done, we've taken a couple generic examples. let's start off with this one right here. this is a married couple with one child in college. if this couple has an income around $39,000 tax bill goes up $2,700. look at that right there. that's a big chunk of money out of that income. if they're making about $84,000. they'll be paying another $3,000 in taxes. and if this couple has high income, more than $137,000 they're looking at another $8,000 in taxes. that's just one set of generic examples there. there are all sorts of things along the way you can look at. depends what the deducks would be. let's take a look at this one here. if you're looking at a single person with no children, all right? income of about $46,000 that person will pay about another $1,300 in taxes. if that person has high income, about $158,000. that person will pay about $5,700 more in taxes. how will it work out for you? this is what you do. you go to this website, you give it all the information you can come up with, and it
CNN
Dec 30, 2012 9:00am PST
, so there's a reason for that and it's because he's pushing to get this fiscal cliff stuff done. speaker boehner took issue, won't surprise you either, with the president's appearance, in particular the president saying wait i have offered $1 trillion worth of cuts, i offered two to one spending cuts and here's what boehner had to say -- the president's comments are ironic as a recurring theme of our negotiations was his unwillingness to agree to anything that would require him to stand up to his own party. needed cuts and reforms that the president agreed to last year were no longer on the table as he cited an inability it to sell them to democrats. somebody is inflexible here. >> he accuses the president of the failure of leadership and in these days when somebody in washington uses the word leadership what they are meaning is caving in and bringing you own party along. i think the president was very clear in this interview that his strategy all along he is not going to be drawn into these negotiations because the white house thinks that one of the biggest mistakes of his presidency wa
CNN
Dec 29, 2012 3:00am PST
correspondent ali velshi. >> alison, i have no idea whether we'll get a fiscal cliff deal done or not. i do have a pretty good idea as to how we got into this gigantic pickle in the first place. >> now we've passed a bold package of tax relief for america's families and businesses. >> it starts when then president george w. bush initiated a series of tax cuts for all americans, but it's a deal with the devil. the cuts, which are politically expedient, but costly to government expire in ten years time. >> both houses of congress have now passed a package of tax relief that will protect the middle class. >> when it came time for the cuts to expire, the u.s. is just emerging from the worst recession since the great depression. so president obama agreed to extend the tax cuts for two more years in exchange for congress extending federal emergency unemployment benefits. those cuts are expensive. if they're extended by 2020, the bush-era tax cuts will be responsible for more than half the total national debt. democrats insist that taxes go up for the wealthy but stay in place permanentl
CNN
Dec 31, 2012 1:00pm PST
know, to sort of take a deep breath, that yes, it is called the fiscal cliff, but it is more of a slope, and particularly advantageous to members of congress who haven't got be their work done that january 1st is a federal holiday. so nothing is going to happen and there aren't going to be any real-world effects, especially when we're talking about the thing that really matters the most to a lot of people around here, just how the market is reacting. we saw the market go up today at news, seemingly at news that things were going well here. so, but technically, i think you're right, i think if the house doesn't vote tonight, which we know they will not, technically we're going over the cliff. >> very quickly, that 72-hour rule in the house, i believe there's a rule, that they have to have 72 hours to read legislation before they vote. are they going to waive that rule? >> reporter: what do they say about rules? they're made to be broken, wolf. i think that's safe to say. they would waive that rule, yes. >> all right, dana, stand by. we have two guests joining us right now. two key senators, republican senators john mccain of arizona and lindsey graham of south carolina. senators,
CNN
Dec 25, 2012 6:00am PST
$74,500. if -- it will go down to about $45,000 if the fiscal cliff goes off and nothing is done to adjust it. individuals now getting $45,000 back in '82 when first enarngted which is a lot different than $45,000 today. so if individuals earning $45,000 today might be impacted by additional taxes by this amt if something's not done. and, again, this is just a way to try to -- the problem with the amt is it wasn't adjusted for inflation so as time went on and prices have gone up and people have made more money and inflation has gone into place, things have not adjusted for the what the amt is now currently so this is going to be a big piece and those in the finance world are looking at making sure that this thing doesn't come into play. come 2014, people will have a big surprise if they file their taxes and this amt is not adjusted. >> ryan, look into the future which is ten days. do you think a deal will be done? >> what we're going to have, we're going to have a short-term deal. bottom line is if these spending cuts are way too extensive. the medicare cuts, way too extensive to pu
CNN
Jan 1, 2013 8:00am PST
the partisan divide wasn't challenge enough, get ready because the fiscal cliff is far from a done deal. vice president joe biden and mitch mcconnell brokered a deal and, yes, it cleared the senate late last night. but no, the republican-controlled house of representatives hasn't voted on this yet. they are going to convene in about 30 minutes. house democratic caucus is meeting in less than an hour while the house gop leaders are meeting at 1:00 p.m. eastern time. both parties undoubtedly laying the groundwork for the fiscal cliff showdown that will unfold between its 435 house members. one of those members is democratic congressman from michigan. he's kind enough to join me. thank you for being with us today. first of all, if you could get me up to speed on the decision to make a decision v you heard anything about the possibility there might be a vote today with your members? >> i haven't heard directly. i think there will be. i think the vote last night in the senate set the stage. it was overwhelming. we're going to have a caucus democrats and republicans will discuss the bill. the
CNN
Dec 30, 2012 2:00pm PST
little more confident. but this is really important. this fiscal cliff san important element in economic recovery. i hope we can get it done. >> i think everybody out there agrees that they hope you get this done, a lot of frustration out there as you can imagine, i'm sure you hear it as well. thank you. thank you for joining us. i appreciate it. back to you. >> dana bash, as always, appreciate that insight. >>> if the government does go over the fiscal cliff, you know what the rest of the world is going to feel it as well. we will tell you how and where, coming up. ♪ if loving you is wrong ♪ i don't wanna be right [ record scratch ] what?! it's not bad for you. it just tastes that way. [ female announcer ] honey nut cheerios cereal -- heart-healthy, whole grain oats. you can't go wrong loving it. >>> all day i we have been following developments on the fiscal cliff talks. right now, senate leaders at an impasse over tax hikes and they are running out of time n just two days, those massive tax hikes and spending cuts will kick n so, let's go now to jessica yellin in washington. jessica has been monitoring events at the white
CNN
Dec 29, 2012 5:00am PST
, because lawmakers have just three days left to get a deal done in time to avoid the fiscal cliff, and that's what our focus issen ob this morning. for his part, president obama says he's modestly optimistic they can work things out. even if a deal is thrown together, senator harry reid says what they come up with could be imperfect and some people aren't going to like it. bringen in independent new york stock exchange trader joining us from new york. good to see you. >> good to see you, alison. thanks for having me. >> as you said, washington has been kicking the can down the road. so what are the chances of a real deal going through at the very last minute? things sound a little more optimistic last night, if you listened to president obama. >> i think they have to sound optimistic. the last thing they want to do is not sound optimistic. here's the problem. we've come right to the 11th hour. the fact there's going to be a substantive deal that comes out in the 11th hour is probably nailed to zero. in my sense, it's easier to go over the cliff. then there's clarity, right? taxes up, s
CNN
Dec 27, 2012 1:00pm PST
here think that if anything is going to get done before the fiscal cliff deadline, that it won't happen until the pressure is on, on or around december 31st. that's practically and probably why what we saw today was suspended animation. this is one place in washington free of gridlock.baristas are writing the words, "come together" on customers' coffee. >> people are tired that congress can't come to a compromise or agree on anything. >> reporter: but even that doesn't seem to be moving lawmakers. >> taxes are approaching the wrong direction. come the first of this year, americans will have less income than they have today. >> reporter: senate democratic leader harry reid, back from christmas break, was highly pessimistic about passing anything to avert the fiscal cliff and keeping all americans' taxes from going up january 1st. >> i have to be very honest, mr. president. i don't know, time wise, how it can happen now. >> five days until the fiscal cliff, and both sides are engaged in legislative and political chicken. the president called each of the four congressional leaders b
CNN
Dec 27, 2012 4:00am PST
fiscal cliff and i'll throw a second number, one week until the new congress begins, so they are hard up against some big deadlines. >> the market implication is important because markets have done very, very well this year, lisa, and there's some suggestion if congress doesn't get it together before the new year, markets may force them to do so. we'll be talking more about that later in the show. lisa, thanks so much. we'll check in with you later. >>> piling on the concerns, treasury secretary tim geithner has warned congress hat u.s. will reach its debt ceiling on monday. that is when the government reaches its legal borrowing limit. now, this could pose a bigger threat to the nation's credit rating than the fiscal cliff. treasury can keep the government operating for a few weeks using emergency measures, but congress needs to act on this too to avoid a full-blown debt crisis. alina cho. joins us with the ret of the top stories. >>> former president george h.w. bush remains in intensive care in a houston hospital with an elevated fever. he is on a liquid diet an his condition is listed as guarded. his spokesman quotes him as saying i'm determined not to be dprumpy with all of this
CNN
Dec 26, 2012 1:00pm PST
a deal done on the fiscal cliff before the end of the year. and i wasn't very surprised because howard schultz has been very outspoken. we sat down earlier this month to talk about the fiscal cliff and the risks to u.s. businesses, to the world economy and to the average u.s. citizen if we don't have a deal, if we don't get it done. i want you to take a listen to what he fold me. >> the real difference today versus perhaps any other time in history is that this single issue has a seismic effect on the rest of the world, that we have never been as connected and the domino effect of a bad outcome here will have significant negative consequences domestically and around the world. not the least of which will be the level -- fracturing of confidence in the united states of america. >> seismic and significant. very powerful words. how could this play out for americans if we don't have a deal? what will that feel like to them, howard? >> i think there will be tremendous personal pressure on people who are going to see their daily lives affected in ways that are hard to fathom, hard to
CNN
Dec 27, 2012 2:00am PST
truck like a toy. >>> and just five days until the fiscal cliff. president obama catching a flight back to washington where there's doubt that a deal can get done in time. good morning, everybody, for a thursday morning. very early, 5:00 a.m. on the east coast. welcome to "early start." i'm alina cho. >> i'm drew griffin. john and zoraida are off today. it's 5:00 a.m. in the east. a deadly winter storm system slamming the northeast after hammering the nation's heartland. look at this radar, system serious snowmaker. it's packing destructive winds, six states under winter storm warnings right now. pennsylvania, new york, massachusetts, new hampshire, vermont and maine. all could see a foot of snow or more. more than 200,000 customers spanning several states already without power. 1,700 plus flights canceled yesterday. imagine that. hundreds more already taken off the board this morning. there are six deaths being blamed on the weather since tuesday and the threat hasn't passed yesterday. bonnie schneider, meteorologist checking the system from the cnn center in atlanta. first, we go to ennis standing by in miserable, snowy new york. it's a pretty p
CNN
Dec 28, 2012 8:00am PST
children's motrin. be ready with children's motrin. >>> you may have heard of the fiscal cliff described as a self-inflicted wound, a manufactured crisis. that just means it didn't come out of the blue. the bottom line is this. whatever happens we have done it to ourselves. cnn's ali velshi shows us how we got here. >> now we have passed a bold package of tax relief for america's families and businesses. >> it starts more than a decade ago when president bush initiated a series of tax cuts for all americans. but it's a deal with with the devil. the cuts, which are politically expedient but costly to government, expire in ten year's time. >> both houses of congress have passed tax relief that will protect the middle class. >> when it came time for the cuts to expire, the u.s. was emerging from the worst recession since the great depression. so president obama agreed to extend the tax cuts for two more years in exchange for congress extending federal emergency unemployment benefits. those cuts are expensive. if they are extended by 2020, the bush era tax cuts will be responsible for more than half the total national debt. democrats insist that taxes go up for the wealthy but stay in place permanently for those earning less than $250,000 a yea
CNN
Dec 30, 2012 5:00am PST
, irrationalal maifrs. can you explain what that means, and how would that make the fiscal cliff negotiations different? >> yeah. the vast majority of our decision-making happens the at an automatic, unconscious level. the challenge and the problem -- i'm talking about most of our thinking. the challenge we have with that regard is the fact that most of the filtering system that we have that makes those decisions was put in place for us when we were small children. as a result, really smart people can make really dumb decisions, or grown-ups can behave childishly. if a leader is more conscious of the patterns, they can cut them off and maintain a great degree of consciousness and therefore maturity in making decisions and acting on those. >> but we see both sides really dug in. we now seem to be in an impasse. are you saying that there's childish behavior? we take about transformative leadership perspective. how do you advocate and advise, let's say, speaker boehner and president obama? how do we move past that? >> you know, one of the fundamental problems we run into when we thi
CNN
Dec 28, 2012 10:00pm PST
. all of it is at stake if the country goes over the fiscal cliff. it is a cliff that lawmakers built, they have set the tuesday deadline and knew it was coming for more than a year, but until now, even now they have done precious little to agree on taxes and spending cuts by that time. keeping them honest, the people in this building have known what is coming on tuesday, yet they're only returning to get to this building to get back to work just now. senators came back yesterday. house members? well, they wouldn't be back until sunday. this afternoon, house and senate leaders met with president obama at the white house. they talked for about an hour. afterwards president obama said he was modestly optimistic. by passing house speaker john boehner who has had trouble getting his fellow republicans to agree to anything, the president called on senate majority and minority leaders harry reid and mitch mcconnell, to lay out a deal. >> if we don't see an agreement between the two leaders and the senate, i expect a bill to go on the floor. and i have asked senator reid to do this. put a bill on the floor that makes sure that taxes on middle class families don't go up. that unemployment insurance is still available f
CNN
Dec 30, 2012 3:00pm PST
the fiscal cliff. let's go to jean sahati who is a senior writer for cnnmoney.com, and probably the person most immersed in the my knew that -- minutia of all of the stuff going on and so you have political headlines of stuff going on like tax rates and there are back channels and people have been discussing this for a long time, and what is your take? >> a long time. >> and first of all, real tax reform is a process to take two three years at best probably and that is not certainly going to happen tonight and not worked out, but what is the likelihood of a deal? what would it look like from a tax perspective? >> which one a tax reform deal or the fiscal cliff deal? >> no, the fiscal cliff deal, and what might they be arriving at in the next day or so? >> well, here is what we are hearing. i will believe none of it until i see it. >> right. >> the rates will go up for high income people, and we don't know how high income, president obama wants $250,000 as the threshold, but republicans are pushing for more than $400,000, but it is splitting hairs at a certain point and especially no
CNN
Dec 30, 2012 10:00pm PST
little more confident. but this is really important, this fiscal cliff is an important element in economic recovery, i hope we get it done. >> across the aisle. republican congressman, tom cole says a deal, any deal will be hard to get done. >> there's not enough revenue in this package to fix the fiscal problems for the country. we're going to be in hand to hand warfare beginning in january with the continuing resolution the debt ceiling to try to deal with spending issues. >> continued uncertainty about tax and spending policies in 2013 could result in another recession. frustration seems to be the operative word tonight. if no fiscal cliff deal is reached, most everyone's taxes will go up tuesday with deep spending cuts kicking in. earlier i spoke with a democratic and republican strategist. they seemed to echo the sentiment of the voters. >> this is like, when you at the beginning of the year and you're in school at the beginning of the year, you get assigned a big project and you leave it until the last night. when i used to do that, my parents used to punish me. if kids were behaving the way these congress people are, they wo
CNN
Dec 28, 2012 11:00am PST
sure hope that they are getting something done, the fiscal cliff meeting at the white house right now. what were the mechanics of rushing the deal through congress and getting it passed into law? what would that look like in four days? lisa desjardins joins us now. what will it look like? >> well, there is a couple of possibilities, don. one is that they take sort of the remnants of one of the bills that passed the house or the senate and they just change it. they add whatever is in this deal to it. they have a whole bunch of vehicles that are possible for that. one sticking point, because this deal would most likely deal with taxes, there is a rule in the constitution that is has been interpreted by most every side to determine it has to begin in the house, revenue measures begin in the house. they need a bill that starts in the house, okay, they have a lot to do that. then the trick is making sure they have the votes. i think if we see anything come out of tonight's meeting, anything substantial, that's what is going to happen this next day and a half. leaders on both sides have
CNN
Dec 30, 2012 4:00pm PST
this fiscal cliff, well, they become slimmer and slimmer and slimmer. >> except they better get something done. if they don't get something done, just about everybody will have a tax increase and see spending cut starting january 1st. what is preventing lawmakers from reaching a deal in representative jack kingston is a republican from georgia. he joins us now from d.c. congressman, good to see you. thank you for being with us. let's just discuss this for a minute. you know, taxes, whether taxes should go up or not is an interesting concept because some people are just religious about it, right? we talked to steven moore, grover norquist, pat toomey. some just think taxes should never go up on people. others think if you increase taxes it will hurt the economy. that may actually have some truth to it. but there's a tone deafness out there that has now superseded all of this, congressman, and it is -- we just heard mitch mcconnell, i don't know why people say things like this, but they make people wonder about legislators saying on the floor of the senate, i worked all day saturday to get this thin
CNN
Dec 27, 2012 8:00am PST
, very pessimistic about getting anything done before we reach that fiscal cliff. listen to what he said. >> the speaker just has a few d days left to change his mind, but i have to be very honest, mr. president. i don't know time wise how it can happen now. >> let me kind of lay out the state of play. i'll try to keep it out as much as possible. this is something everybody is focused on. the ball is in the senate's court right now. so what senator reid, who you saw earlier, and the president, what they are trying to figure out is whether or not they can craft what the president called a scaled-back bill, which is what he campaigned on. raising taxes for everybody making more than $250,000 a year and adding a few other tax-related items in there. maybe spending but it's unclear. the question is whether or not they can put all that together in a way to get enough republican votes in order to pass the senate and then would have to have enough votes to pass the house as well. whether they can do that in the next few days is an open question. >> just procedurally too, that takes time. a
CNN
Dec 29, 2012 3:00pm PST
the fiscal cliff. we have got to meet this deny. now what we're hearing, it is not that bad, we have time. >> what jessica said about the term paper, getting it done in time. you know what happens if you don't get it done in time? you get an f. and a lot of american voters are going to say an "f" to all the politicians if they don't get it done. look, i don't think it would be the end of the world if we go off the fiscal cliff. and it think it would be resolved in the weeks ahead. but this is kind of a black eye for the political system. here we are, two or three days ahead from the start of the year. without any american business investor, or worker, this just is not a very good way to run a country. and it is almost like banana republic politics. >> my dad used to say, no way to run a railroad. or government. let's talk about a couple of things, the whole idea that tax rates on everyone will go up. does the irs or the treasury department have the ability to sort of say look, here is some guidance? keep withholding where it is? >> well, the irs is in turmoil right now. they don't know what to do. they're putting out kind of mixed signals about wheth
CNN
Dec 25, 2012 8:00am PST
work done? tell us a little bit about the fiscal cliff here. we know the senate is going to come back on thursday. do we expect the presidt to come back to washington and deal with trying to avoid these tax increases and the spending cuts? >> it really does sound like he'll be coming back, suzanne. it is not official. the white house hasn't put out a schedule update. it seems to be more a matter of when he is coming back rather than if. the senate will reconvene thursday. all eyes there as senate majority leader harry reid tries to cobble together something that can get some republican support. we'll be waiting to see exactly when president obama is coming back but we understand that the senate even though it reconvenes on thursday may not, senate democrats may not roll out a bill until closer to the new year. also get some republican support and put pressure on the house to take it up. >> we'll be following that very closely. have a wonderful christmas and of course we'll talk with you a little bit later. if there are any developments on the fiscal cliff. stay with cnn for any moveme
CNN
Dec 24, 2012 4:00am PST
want this -- the president wants this country to go off the fiscal cliff, to have a sunset when it comes to our fiscal situation is that really what's going on here? lawmakers are on vacation, so will anything get done in time? >>> lots of people on vacation, dana. a winter storm may be headed your way. for all of the people traveling, 93 million americans on trains, planes, and automobiles. what it means for your holiday travel plans. good morning, welcome to "starting point." chilly in new york city. 7:00 in the morning. i'm alina cho in new york. >> and i'm dana bash in washington. monday, december 24th. christmas eve. "starting point" begins right now. >> and our "starting point," a u.s. contractor in kabul gunned down and killed this morning by a woman wearing an afghan police uniform. it happened inside kabul's police headquarters. the latest in a string of suspected green on blue attacks that are hitting morale and eroding trust in allies there. our pentagon correspond respondent barbara starr up early for us working her sources. joins us live from washington with more. >> good morning, alina. in the last few minutes, our nato sources are confirming privately that, indeed, it was an american cit
CNN
Dec 30, 2012 3:00am PST
cliff. the deadline is less than 48 hours away and as to whether they can get it done, the president says he's hopeful. >> i'm modestly ll lly optimis an agreement can be achieved. let's make sure that middle class families and the world economy aren't adversely impacted because people can't do their jobs. >> both houses of congress are meeting in a rare sunday session. the house an hour later at 2:00. our chief white house correspondent jessica yellin now with the look at a chance for a deal and what's on the table. >> alison, here in washington, there is still hope a deal can be cut in time to avert the fiscal cliff. on saturday, the president was at work here in the white house but all eyes were on the senate where negotiators were trading deal points and revenue figures to try to reach an agreement all sides can stomach. the baseline for the president, any bipartisan bill would have to extend unemployment insurance that would affect some 2 million americans and increase taxes for the highest income earners. but negotiators can still work out exactly where that tax increase would
CNN
Dec 28, 2012 2:00am PST
house, 3:00 this afternoon is the date for one final fiscal cliff showdown. just four days left to get this deal done or massive tax hikes and spending cuts will kick in. >>> the u.s. embassy clearing out of an african nation this morning. deteriorating security in the central african republic has forced the u.s. state department to temporarily suspend operations. there the u.s. ambassador, his diplomatic team and some private american citizens are out of the capital. the country's president has asked france and the united states for help to stop rebels that threaten rule. >>> it's not clear who will replace lisa jackson as the head of the environmental protection agency. jackson announced yesterday she's stepping down in january after the president's state of the union address. the epa created new standards for air pollution from coal power plants on her watch. >>> massachusetts congressman ed ma markey throwing his hat into the ring for kerry's senate seat. a special election would be held early this summer. markey a 66-year-old democrat is the first prominent candidate to declare for the race. >>> mo
CNN
Dec 28, 2012 4:00am PST
cliff aside for one moment. you've done extensive research on recovery from recessions. where are we in the current recovery? what in your estimation does 2013 look like from an economic standpoint. >> fairly normal from world war ii financial crisis, housing recovers on cue five or six years later. the good news is that there's stable underlying growth. the bad news is you don't get the zoom you got out of it during the depression. >> we're in year five of a seven year process. >> more than seven years. >> last time you were here you said we were half way through regardless of who wins in 2012. the next four years would not look much better than the past four years. >> we're going to have, i don't know if not very much better than the past four but we're not going to have fantastic growth. unemployment will take many more years to feel normal, so we have many years left in the recovery but hopefully in two or three years we feel like we're moving there and not at the starting point. >> let's talk about the global picture here. you have slow growth in china, slow growth in india, slo
CNN
Dec 30, 2012 4:00am PST
cliff less than 48 hours away now. the senate and the house convening this afternoon for a rare sunday session with the hopes of reaching a vote possibly tonight. but can they really get a deal done? yesterday i spoke with sheila, the former chairman of the fdic and she's been through some tough negotiatiions before. this is what she had to say about the chances of a deal and what might be included. >> this should have been resolved long ago and i do think, actually, they are going to get a deal, but i think more along the lines down the road. at least at this point that we'll get meaningful deficit reduction, certainly not meaningful tax reform. i do think, though, perhaps a permanent extension of the lower tax rates for those making at least under $500,000. the payroll tax cut on the other hand will go away, i think, is highly unlikely and that is going to impact a lot of workers. i think they will make some decisions this weekend and a good chance that it will pass and become law. that is the good news. the bad news i don't think we'll have meaningful deficit reduction and this is going to keep dragging on and on. >> you advocate for raising the capital gains tax which could make main st
CNN
Dec 26, 2012 4:00am PST
. >>> president obama heading back to washington to tackle the fiscal cliff today. he will get to d.c. just as the house and senate expected to reconvene tomorrow. not much time left for a notoriously slow-moving washington to get something done. brianna keilar following the drama from honolulu, hawaii. she's there with the president. what is the latest. >> president obama is officially cutting short his christmas vacation and heading back from hawaii. tonight, hawaiian time, early in the morning on the east coast and returning to the d.c. area on thursday. as the senate is set to reconvene and all eyes really are looking there to see what senate majority leader harry reid can cobble together in order to get republican support to avoid the fiscal cliff. he'll also have to put together something that will get republican support in the house. this is a last-ditch effort and will be obviously very difficult if it succeeds at all. at this point, the white house still wants that threshold for income tax rates to be at 250,000. it's unclear, exactly what the senate proposal is going to look like. as we understand from sources, al inna, it could be a couple of days, even though this are reconvening tomorrow, it could be a couple of days befo
CNN
Dec 29, 2012 7:00am PST
. lawmakers have just three days left to get a deal done in time to avoid the fiscal cliff. even if a deal is thrown together at the 11th hour, senate majority leader harry reid says what they come up with will be imperfect. and some people aren't going to like it. i spoke with independent new york stock exchange trader kenny polkari earlier and asked them how wall street is reacting to the looming fiscal cliff. >> we've come right to the 11th hour. the -- the fact that there's going to be a substantive deal that comes out of this in the 11th hour is probably nil to zero, right? essentially in my sense, it's easier to go over the cliff. then there's clarity, right? taxes will go up, spending will get cut. the market will know what is going to happen. it can only get better from there because then you'll get legislators that come to the table, that try to cut taxes and raise some spending, and they'll argue it from a positive point of view and stand up and say, rah-rah, look what we, did right? it won't get any worse if we go over the cliff. if there's a bandaid, it leaves complete c
CNN
Dec 26, 2012 9:00am PST
, your taxes go up $3,000. if nothing is done to avert the fiscal cliff. if you make $104,000, doing pretty well, you see your taxes go up $6200. if you make $400,000 a year, you see taxes go up over $9,000. that's overnight. the bush tax cuts sunset if we don't do anything to variety the fiscal cliff. this is something that the president and republicans agree on. they agree 98% of the americans shouldn't have taxes raised, but that 2% disagreement brings us to the edge of the fiscal cliff. >> the ceo of starbucks says, hey, you know what? let's write on our coffee cups "come together." do you think anybody will pay attention to that in washdz? >> you know what? anything and everything helps. just merely spreading the message america is watching and waiting for congress to act to find a way to reason together, that's an important act, and everyone doing their part can do, i say good on him. we need to send this message to washington and make sure it isn't settled. we'll go deeper into this tonight at 7:00 as well. this is urnlggent. the clock is ticking, suzanne. >>> many american fa
CNN
Dec 31, 2012 9:00am PST
agreement to keep us from falling off the fiscal cliff. jessica yellen at the white house with some details. what are you learning? >> reporter: hi, suzanne. first of all, there is an emerging deal here, but it is still not done. it is in progress. there's a sense of sort of optimism that this will come to closu closure. what we know about this deal right now is that it would allow for earners at the very top to let their tax rates go back to clinton levels. so that is what was set to happen in the new year anyway. it only hits the very top earners. then the next level of the deal, households that earn $450,000 are the ones impacted by this. individuals who earn $400,000 a year are the ones who would see it go to clinton levels. the deal -- the emerging deal would also include as i understand an extension of unemployment benefits and a compromise on the estate tax that would allow a slight increase or something of an increase from where we are now but not an absolute jump to where it would be beginning tomorrow. now, if there were no deal. the big sticking point as dana is reporting is on the sequester, and just to point out, one of the big reasons democrats would not want it to be a three-month extension is beca
CNN
Dec 28, 2012 7:00pm PST
if the country kbs over the fiscal cliff. it's a cliff that the lawmakers built. they've set the tuesday deadline, they've known it was coming for more it and a year. but until now they've done little to agree on tax increases on tax cuts until that time. people in this building have none what's coming on tuesday yet they're only returning to get back to work just now. senate came back yesterday. house members, well, they won't be back until sunday. this afternoon house on senate leaders met with president obama at the white house. they talked for about an hour. afterwards president obama said he was modestly optimistic. bypassing house speaker john boehner, who has had trouble getting his fellow republicans to agree to anything, the president called on senate majority on minority leads are harry reid on mitch mcconnell to work out a deal on then present it to the house. he also laid out a scaled down mini deal if they are can't manage it. >> if we don't see an agreement between the two leaders in the senate, i expect a bill to go on the floor, i asked senator reid to do this, put a bill on the floor that makes sure that taxes on miedddle class families don' go up, that unemploymen
CNN
Dec 29, 2012 9:00am PST
looming fiscal cliff. >>> and at 70 years old he is out to do something few have ever done. he is doing it while battling cancer. this is $100,000. we asked total strangers to watch it for us. thank you so much. i appreciate it. i'll be right back. they didn't take a dime. how much in fees does your bank take to watch your money? if your bank takes more money than a stranger, you need an ally. ally bank. your money needs an ally. [ tylenol bottle ] me too! and nasal co [ tissue box ] he said nasal congestion. yeah...i heard him. [ female announcer ] tylenol® cold multi-symptom nighttime relieves nasal congestion. nyquil® cold and flu doesn't. so, the 5.3-liter v8 silverado can tow up to 9,600 pounds? 315 horsepower. what's that in reindeer-power? [ laughs ] [ pencil scratches ] [ male announcer ] chevy's giving more. now through january 2nd, no monthly payments until spring for qualified buyers. get the silverado for 0% apr financing for 60 months plus $1,000 holiday bonus cash. plus trade up for an additional $1,000 trade-in allowance. and this is the nokia lumia 920 from at&t.
CNN
Dec 24, 2012 6:00am PST
republicans for it. >> that's obviously jon talking about the fiscal cliff. but he also said yesterday that he thinks that the whole concept of putting any armed police officers at schools should be done at the local level, if at all. the big push at the nra is to make it a federal program and it should be funded by the federal government by congress. so it does not look like there's going to be a lot of support for that right now. i've been struck talking to republicans sources. republican sources at how turned off a lot of people were by wayne louisiana pair. more so with the tone and the way he delivered the message. i talked to one republican in congress who said that it seemed like it was a time war. he was very aggressive and he didn't seem to be sort of getting the sentiment of where we are now. >> so listening to lindsey graham saying there's not much we can do to stop someone who is not wired right and talking to the number of lawmakers that you have talked to, after the first of the year when dianne feinstein says she's going to introduce this bill, how likely is it to pass and how likely is anything to happen as far as gun control is concerned? >> there's no question that the
CNN
Dec 26, 2012 2:00am PST
the fiscal cliff. as the house and senate reconvene tomorrow. the clock is ticking. six days until the deadline. the way things work in washington, can they actually get something done before the end of the year? brianna keilar, what is the latest on this? >> hi, there, drew. president obama will be heading home from hawaii tonight, logical time arri arriving in d.c. thursday morning when the senate will be reconvenin reconvening, and the senate, all eyes on now, that we look for the last-ditch effort to avoid the fiscal cliff. even though the president is returning on thursday, we may not see the senate roll out its bill to deal with the fiscal cliff. perhaps for a couple of days. this is entirely possible we've learned from sources as senate majority leader harry reid works to get republican support in the senate, which he will need if he's going to pass a bill. and so we're still waiting to see exactly what it will look like that the white house wants for the threshold on income tax rates to cut off at $250,000. we will see if that ultimately is what senate majority leader reid rolls out. as of this point in time, we're expecting this to be a limited measure to deal jus
CNN
Jan 1, 2013 11:00am PST
to get this under way. very good year in stocks last year. the s&p up 13%. despite the fiscal cliff worries. and you got to see it get handled. if you saw the house not pass this, or you all of a sudden saw some controversy with amendments in the like and two competing versions of this bill and this drags on, i think you could see the stock market take a tumble and that's something members of congress have told us, they like to avoid that. they rep t.a.r.p. and the bank bailout and the stock market didn't like it when they didn't pass the bank bailout in first place, that's a fresh memory for them. >> christine romans, thank you for keeping an eye on all of this. so much to keep an eye on, thanks. >>> as we wait for republicans to speak, the vice president playing a huge role in getting this deal done. but does joe biden have the pull to actually get it through the house. >>> plus, i'll speak live with the attorney for one of the very first pot clubs in colorado. just opened after voters approved a new marijuana law. you can do two things at the same time. you can watch videos and t
CNN
Dec 30, 2012 1:00pm PST
the day. today's only job is to come up with a deal that ainvestigators going over the fiscal cliff and anything other than that is absolute irresponsibility you congressional malpractice. >> any deal? in other words, say some sort of temporary fix or have to be that long-term overhaul? >> i don't think -- at this point, beggers can't be choosers. i don't think we are going to get a grand bargain. i don't think we are going to get a big deal with long-term stuff a lot of people object to that, they will call that kicking the can down the road, you know what martin, they are absolutely right. once again, we will kick the can down the road, but that's what happens, when you back yourself into a corner, we did this with the debt ceiling, we did this with the government shutdown, the way we do business now, we should get used to it, that's how things are done t is the 11th hour we need an 11th hour deal. 11th hour deals are never particularly good. everybody is going to give something up. i just hope they all prepare to give something up and get a deal. it is not going to be pretty. i w
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